Umbrella Company Tax Calculator ☂

If you are a contractor and being paid through an
umbrella company, you are taxed like an employed person and
treated as employed. You will receive payslips.
Therefore you will need to have statutory holiday pay (from
your pay rate), meet national minimum wage and sick pay from
your umbrella company

iknowtax.com offers the best umbrella company tax
calculator.It will calculate the following and then display
your take
home pay:
-Employers NI
-Holiday fund
-Umbrella company fee
-Expense
-Income tax
-NI

Do let your colleagues or any contractors know about the
umbrella company tax calculator here at iknowtax.com

Second job tax?

Do I get taxed more on the
second job?
You get taxed whatever you will have got taxed if you were
earning this amount from the 2nd job on your first job as an
additional amount of pay. So there is no special rates for a
second job, no extra tax or less tax. All your earning is
added together and then tax is worked out!
For NI, you will pay if your second job pay is more than the
minimum threshold for the NI per week.

About

This is a free 2017 - 2018 UK
online tax calculator website. It provides a free to use
individually or commercially tax calculator tool. It also
aims to make a complete beginner understand how tax is
worked out. Feel free to read and refer to the tax
calculator. Please comment below or email me your feedback
or questions.

One of the great features of
this tax calculator is that it allows you to enter your
hourly pay rate and the number of hours you work weekly.
You can enter your standard weekly hours you work, to accurately
display your pay hourly, and tax paid hourly. Ideal for
freelancers, contractors (or anyone only knows their hourly
rate) to work out tax paid. It also calculates as you type
which will help a professional like an accountant (payroll,
bookkeeping) that may have to constantly calculate.
Another great feature is, it has a detailed umbrella company
tax and NI calculator for anyone who is being paid through
an umbrella company. You can see how much of your money is
deducted for employers NI and for holiday (which you will
receive when you go on annual leave or get any remaining
holiday pay when you leave your post). So this is a great
way to see what a take home pay will be for a contractor
getting paid through un umbrella company.

You can also compare on the tax
calculator current years take home pay with the last years, so you
can see if the new tax rates are better for you or not.

Welcome to iknowtax.com where you will find Tax and NI calculators containing the latest official rates from the HMRC. It allows you to calculate your net income after tax and see what the taxman is taking. You will find links to the Tax and NI calculators and an easy to understand table showing the
tax rates for 2017 - 2018 and the previous years.

How is tax calculated? I'm
confused 😕

You have come to the right place! This is the first stop
for you to understand about tax rates and how it is
calculated. You can learn from scratch here. After reading
this page you can then search and ask specific questions on
Google about tax. You will know what you're doing!
Understanding and calculating tax can be quite complicated
so this website will lift you off the ground and get you
knowing. ☺

Your tax is calculated after deducting your
Personal Allowance. Everyone gets Personal
Allowance unless you are earning over £100,000 (which your
personal allowance starts to deduct bit by bit until it
reaches zero).
Your tax is calculated on your salary (or earning) left
after taking away your Personal Allowance amount from your
salary (Personal Allowance is the amount of your salary
where tax is not applied, making anything in that amount a
tax free income) (Don't get confused; personal allowance
doesn't mean that you get this amount as extra money coming
to you, it is the part of your income (salary/earning) where
the tax does not apply, is called Personal Allowance).
Example, your salary is £30,000 per annum, your Personal
Allowance is £11,500 per year; so £30,000 - £11,500 =
£18,500. So on £19,500 is the amount where the tax will be taken
from as a percentage (detailed examples below). Still, more
is deducted for your National Insurance Contribution (NIC)
if you have not reached the state pension age. The amount
for National Insurance is deducted as a percentage on salary
above £157 per week (£680.21 per month / £8164 per year). Look at the tables below.

🤔It's a myth: It is sometimes better to not earn more,
by getting a higher paid job or a second job because you
will lose out by paying more tax

🤔Also it is not true that student do not get taxed.
Students do get taxed like everyone else once their earning
has gone above the tax free personal allowanace and tax free
NI thresholds. As students usually work part-time they earn
less which is usually below the personal allowance
amount which is tax free thinking they dont get taxed. When
they earn more during holidays by working more hours their
pay goes above the tax free threshold and get taxed.

Personal Allowance 2017 -
2018

What is Personal Allowance? Personal
Allowance is the portion of your earning where tax is not
applied, making that portion of your earning tax free.

Earning

Personal Allowance (per year)

If you are earning up to £100,000

£11,500

If you are earning between £100,000 and
£123,000

Decreases from
£11,000 by 50% of every pound you earn
(above £100,000) until it reaches £0

If you are earning £123,000 or more

£0

Blind person receive an additional amount of £2320 on top of the personal allowance

Taxable Income/Income Tax

Taxable income is your earning where tax can be
applied to.
These are some that counts as taxable income: income from employment, self
employment/partnership, pension, investment earning, rental property, state
benefits. For more information visit:
https://www.gov.uk/income-tax/overview.

Example: Salary minus Personal Allowance: £35,000 - £11,500 = £23,500. So on
£23,500, 20% tax rate will apply as you can see on the table above this amount
falls between £0 - £33,500.

Example 2: Salary minus Personal Allowance: £50,000 - £11,500 =
£38,500.
On this amount (£38,500), 20% will be applied to up to £33,500
and on the remaining amount it will be 40%.
Like this: 20% of £33,500 (out of £38,500), and 40% of £5000
(remaining of £38,500 minus £33,500). So the tax paid will be
£8700. See the illustration below.

Image below illustrates the portion of the salary (£50,000) where the tax rates are applied and deducted

How to calculate tax?

Here are examples of how Tax and NI is calculated, so you can work out your take home/net pay:

Examples contains
2016/2017 tax rates

#01 If I earn £6000 per
year, how is tax and NI calculated:You have personal allowance of £11000.
Because your salary is below the Personal Allowance amount,
you will not pay tax.
Salary minus Personal Allowance; £5000 - £10000 = below
£0, so there is no amount left to tax on.
You will also not pay any National Insurance contribution because you are
earning below £8060.
So you keep exactly £5000.

#02 If I earn £15,000
per year, how is tax and NI calculated:
You have personal allowance of
£11000.
Now to calculate how much tax is due from you, you need to
take away Personal Allowance amount from your salary (Salary
minus Personal Allowance): £15,000 - £11000 = £4000
So £4000 is the amount where tax will be taken from.
The tax rate will be for you is 20%.
So 20% of £4000 is £800 (£4000 × 0.2 = £800). So the tax
due is £800.
Now to see how much money is left for you to take home, you
need to also calculate the amount of National Insurance
contribution will be taken from you.
Your salary is more than £8060 and less than £43,004 so the
National Insurance rate will be 12%.
Any amount below £8060 you don't need to pay National
Insurance.
So to apply the 12% rate you will need to deduct £8060 from
your earning.
That will be £15,000 - £8060 = £6940.
£6940 is the mount
where the 12% will be applied to deduct the amount for NI.
So 12% of £6940 is £832.80 (£6940 × 0.12 = £832.80).
Now you can work out how much you take home/ your net pay:
Salary - Tax - NIC: £15000 - £800 - £832.80 = £13,367.20

Is NI deducted after taking out tax? NI is not deducted after your tax, or vice versa. -NI is not
calculated and deducted on your earning remaining after the tax deductions.
The NI calculations are applied to your full amount of your salary.

#03 If I earn £25000
per year, how is tax and NI calculated:
Your personal allowance is £11000.
Subtract your Personal Allowance amount from £25,000.£25,000 - £11,000 =
£14,000
Now on £14,000 is where the tax
will be deducted from. 20% tax rate will apply.20% of £14000 is£2800.
£2800
is deducted for tax.
For National Insurance (NI); Subtract £8060 from
£25,000.
That equals to £16,940. On this amount 12%
will be deducted for NI.12% of £16,940 is
£2038.80. For NI
£2038.80 is deducted.
Total deduction is £2800
+ £2038.80 =
£4832.80.
You take home £20,167.20

#04 If I earn £60,000
per year, how is tax and NI calculated:
Your personal allowance is £10000.
Tax rate of 20% and 40% will apply. See the
Tax Rates table above
To calculate how much tax is due from you, you need to take away your Personal
Allowance amount from your salary: (Salary minus Personal Allowance);
£60,000 - £11,000 = £49,000.£49,000 is the amount where tax
will be applied to.
Now 20% tax rate is applied to £32,000 out
of £49,000. See the Tax
Rates table above.
So
20% of £32,000 is
£6400 (£32,000 × 0.2 = £6400).
Now 40% tax rate is applied to the amount over £32,000
(of
£49,000), that is
£17,000 (£49,000 - £32,000 =
£17,000).
So 40% of £17,000
is
£6800 (£17000 ×
0.4 = £6800).
Total tax due is £13,200 (£6400
+
£6800).
For National Insurance contribution, 12% rate is applied to
salary between £8060 and £43,004 and the 2% rate is
applied to amount of the salary
above £43,004.
Earning below £8060
you don't pay National Insurance contribution. So the the
12% rate will apply to amount between £8060
and £43,004 of your earning. And 2%
above £43,004.
Amount between £8060 and £43,004
is £34,944 (£43,004
-
£8060).
On £34,944 12% is deducted. 12% of
£34,944 is
£4193.28 (£34,944 × 0.12).
The 2% rate applies to your earning from £43,004 to £60,000.
Which is £16,996 (£60,000 - £43,004).2% of £16,996 =
£339.92 (£16,996
× 0.02).
For National insurance contribution; £4533.20 (£4193.28
+ £339.92) is deducted from your earning.
Finally you can work out how much you take home: [Salary] - [Tax] - [NIC]: £60,000 - £13,200 -
£4533.20 =
£42,266.8

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